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- The U.S. Olympic and Paralympic Committee (USOPC) is offering $37,500 for each gold medal, $22,500 for silver and $15,000 for bronze.
- Some countries offer significantly higher payouts; Singapore reportedly offers up to $1 million for gold.
- The cash rewards for athletes are just part of the support they receive, which may also include scholarships, health insurance and monthly allowances.
The U.S. Olympic and Paralympic Committee (USOPC) will continue its financial reward system known as “Operation Gold” for the 2024 Olympic Games in Paris.
American athletes can expect to earn $37,500 per gold medal, $22,500 per silver medal and $15,000 per bronze medal. While these figures may seem substantial, they are below the payouts of several other nations.
Countries that reward gold
Payout structures vary considerably from country to country. Germany offers bonuses for athletes who finish between fourth and eighth, ensuring that even performances close to the podium are rewarded. Morocco offers substantial payouts of $200,525 for gold and $125,328 for silver, and even offers bonuses for athletes who finish as low as 32nd.
One of the most interesting plans comes from Poland, which is celebrating the centenary of its first Olympic appearance. Hong Kong, which competes independently of China, is offering $768,000 for a gold medal. That's more than any other country is offering for a silver medal – a substantial bonus of $380,000. By comparison, Israel and Serbia are offering $275,000 and $218,000 respectively for gold medalists.
The United States typically pays out more overall due to its higher medal count. Team USA topped the medal table at the Tokyo Olympics with an impressive haul of 39 gold, 41 silver and 33 bronze medals. However, the United States' individual medal rewards are modest compared to other nations: “only” $37,500 for each gold medal, $22,500 for each silver medal and $15,000 for each bronze medal.
More than cash bonuses
While the cash awards are substantial, they are only one form of support for Olympians. The USOPC supplements its financial rewards with grants, health insurance and other benefits.
Some countries go further and pay gold medalists monthly allowances for life. Malaysia and Bulgaria, for example, pay over $1,000 a month for life, while Chile, Kosovo and Lithuania offer similar benefits until the next Olympics. New Zealand pays annual bonuses, with gold medalists receiving $40,000 annually until the next Games. Denmark's $15,000 gold medal bonus, while modest, is tax-free – a notable benefit in a country with high tax rates.
However, the story of the US women's water polo team made headlines earlier this year when their star player, Maggie Steffens, pointed out in an Instagram post that some of their athletes are working second and third jobs in addition to training for competitions to make ends meet. This caught the attention of rapper Flavor Flav, who signed a 5-year sponsorship deal with US Water Polo to ensure this doesn't have to happen.
The value of Olympic medals
The value of an Olympic gold medal goes beyond the financial reward.
Despite its name, the gold medal is made predominantly of silver. It weighs 529 grams and is made of 505 grams of silver, six grams of pure gold plating and 18 grams of iron. If it were made entirely of gold, the medal would be worth approximately $41,161.50.
However, based on today's price, the value is approximately $900 based on the current price of gold and silver.
The last medals made of pure gold were awarded in 1912.
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